Crypto looks to take off

Bitcoin remains in recovery mode as of late Thursday morning as it broke past $34,000 and, mercifully, lingered there awhile.

As of 11:30 a.m. (EST), BTC was $34,400, having gained 2.7% in the prior 24 hours. Analysts are pointing to $37,000 as the next key barrier that must be surpassed for the bull market trend to be deemed not over.

Loveable Dogecoin (DOGE), meanwhile, embraced the role of underdog, gaining 25% over a span that included much of Wednesday. DOGE is 67% off its ATH of $0.73 hit in early May. Two days ago it fell below two dimes but right now is on the verge of returning to a quarter.

CryptoQuant has flagged data indicating that BTC miner profitability is ebbing lower compared to yearly averages. This means some miners will reduce hash power, the firm said.

Profitability impairment may not be great for miners but can create more demand and reduce sell pressure.

And this, the firm notes, "may indicate we have reached a bottom for this consolidation and are on the path to recovery (Cointelegraph)."

Bitcoin’s bounce Tuesday into Wednesday has supposedly (technically) put a bear trap into motion that will only serve to obliterate weak hands and restore momentum to bulls, according to analyst Alex Krüger (Daily Hodl).

But he’s closely watching for a reduction in exchange inflows, aiding/reflecting a decrease in selling pressure.

“Exchange inflows have almost tripled in the past two months,” Krüger said. “That speaks of panic selling … now would like to see those inflows start to diminish.”

The first batch of limited edition, highest-ever-performance Aston Martin Valkyrie "hypercars" won't be ready until September. Somewhat unrelatedly, a U.S. Securities and Exchange Commission decision on the Valkyrie Bitcoin ETF isn't expected until August.

Crypto Legal Drama's Latest Twist: An interesting new subplot in the ongoing legal battle between Ripple and the SEC: Ripple wants to question a former SEC official (possibly Jay Clayton?) under oath. The SEC is strenuously objecting, according to CryptoBriefing, citing a court-document-privy lawyer closely following the case; the regulatory agency recently wrote to the judge asking for an intervention, explaining that the two sides could not “work out their differences.”